WASHINGTON — The Obama administration on Tuesday announced $14 billion in commitments from U.S. businesses to invest in Africa, as representatives from nearly 100 American and African companies gathered in Washington to discuss ways to boost economic partnerships. During a panel discussion with CEOs, former President Bill Clinton declared that the U.S. has “only barely scratched the surface” of Africa’s economic potential. Indeed, Africa’s economy is enjoying rapid advancement. The continent is home to six of the world’s fastest-growing economies. And a decade of solid growth has created a middle class with increased spending power – 350 million strong in 2010 by the African Development Bank’s count, up from 220 million in 2000.
Other nations, most notably China, have been moving aggressively to tap into growing African markets. China surpassed the U.S. as Africa’s largest trading partner in 2009. “We also realize we have some catching up to do,” said Michael Bloomberg, the former New York City mayor and a billionaire businessman. “We are letting Europe and China go faster than the U.S.” President Barack Obama was scheduled to address the business summit Tuesday afternoon.
The American companies represented at the day-long meeting include Chevron, Coca-Cola Company, IBM and Mastercard. Also participating in the forum was Jeff Immelt, the CEO of General Electric. During the panel moderated by Clinton, Immelt appealed to the U.S. Congress to renew the charter for the Export-Import Bank, which helps finance American exports. Some Republicans want to shutter the bank when Congress returns from recess next month, arguing that the bank’s spending is politically motivated and unnecessary.
But Immelt said Tuesday that the bank signals to other countries that the U.S. government is interested in investing overseas. “The fact that we have to sit here and argue for it is just wrong,” he said. The business commitments being announced by the Obama administration Tuesday include a $2 billion investment by GE by 2018, $200 million in investments across Africa by Marriott, and a $66 million commitment by IBM to provide technology services to Ghana’s Fidelity Bank. The business forum is part of a broader U.S.-Africa summit being held in Washington this week. Nearly 50 African heads of state are in Washington for the three-day conference. Beyond boosting business ties, the summit also focuses on security partnerships and supporting a new generation of African leaders.
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This Week’s Celebrity Instagrams (10/15-10/21)
31 photos Launch gallery
1. Just a NY girl with BIG dreams....
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2. HAPPY CHILDREN=QUALITY PARENTING. We don't always see eye to eye on everything and that's normal. We're human beings. But we come together and do it right for what's important, the kids. We are not enemies, we are parents. And we are parents 1st. S/O to @monyettashaw for making Mason's bday memorable. S/O to @itscrystalsmith at home taking care of our other lil' Prince. ❤️❤️❤️ THIS IS WHAT CO-PARENTING LOOKS LIKE. #Blessed #Happy #AboveTheDrama #BiggerThanUs
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3. So happy to finally be able to share with you all that I’m the new Global Brand Ambassador for @Revlon! Follow my day on RevlonSnaps. Yay! Choose Love, Everybody! #RevlonXCiara #chooselove #ad
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4. Glam on point!!!@makeupbymotoko & @shaylinjoneshair #easybreezy @lifetimetv #beachesmovie #january2017 😘
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5. ✨True love ✨📸: @jessiemarrerophotography
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7. Today was not easy..but by the grace of God we all got through it. Words cannot express our gratitude for all of your Prayers, Positive thoughts and Support for us throughout the years. Tommy will be missed but most certainly never forgotten...And PLEASE don't ask "Where's Martin?.." he was there too...just not in this picture. Lol! God bless you all.. #LoveConquersAll #MartinShow
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9. West coast get ready for #RockyHorror. I will be live tweeting again. #letsdothetimewarpagain
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10. #THEKEYS pre order yours now ... Available everywhere #NOV22 #WeTheBest 🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑
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11. We about to ROCK at #KCABlackBall!! All for our life-changing effort to end 🌎 AIDS.
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12. Today's #SNAPJACK is brought to you by @yazzthegreatest 😂😂😂💋💋💋
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13. Damn girl you kinda old to be headed to the Go Go. You coming in at the age they leaving. LMAO
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14. Daddy daycare B-Boxin with @acewellstucker @shopraisingace
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15. #FBF Naviyd & URV "LIL MONSTERS"
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16. HAPPY BIRTHDAY TO ONE OF THE BIGGEST LEGENDS IN OUR HIPHOP HISTORY! @snoopdogg CONTINUED BLESSING AND LOVE FAMILY!!!!! REAL OG!
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17. Thank you for a beautiful night VSU! Let's do it again! #HOMECOMING
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18. Had a great time this morning with my familia Erica, Griff & Truth!!
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19. Check out my interview on @essence facebook live. #inmyownwords #nycpromo #day2
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20. #She💋 #tbt #TheCoveAtTheAtlantis #DawgPawsAndAll
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21. Bae #retailtherapy
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22. Why me and @coryhardrict got the same pose... and notee... new mouth #naked
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23. When my husband is my personal 'hype-man'! it kills me every time! 💜😂 #WHATNOW #lostfiles📷
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24. Diggy Simmons
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25. Hand full of @jacquieaiche 💙💎💍 @esnail_la 💅🏾
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26. SuperSoulers! You can watch my interview with Carl Lentz live from my Facebook page, tomorrow at 11a ET| 8a PT. #SuperSoulSunday
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27. 💋 .. When the friendship is easy like Sunday morning. ☀️
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28. Sunday mornings are the best........... hugs and cuddles with my angel
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29. #huggar16 #hellohuggars
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30. My gym is everywhere!.. #RnBMoney #TheGeneral 📸: @twelvepastseven
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31. Nothing I would rather be doing... Rocko setting up our movie, Romelō working on a puzzle & Laiyah singing and sharing all she's learning at school... I'm so grateful for the joy they've brought into my life ... Praying for peace , joy & love in the home of EVERY family ♥️ #HeadScarfPJSunday LOL 😂
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